Financial Data and Key Metrics Changes - The fourth quarter of 2025 marked the best operational performance in the company's history, with upstream production reaching 909,000 barrels per day, a 34,000 barrels per day increase from the previous record in Q4 2024 [5][6] - Full-year upstream production was 860,000 barrels per day, exceeding the previous best by 32,000 barrels per day and 20,000 barrels per day above the high end of original guidance [6] - Refining throughput in Q4 was 504,000 barrels per day, the highest ever recorded, and full-year throughput was 480,000 barrels per day, also a record [7][8] - The company achieved a full-year capital expenditure of CAD 5.66 billion, down CAD 510 million from 2024, while maintaining higher production levels [10][18] Business Line Data and Key Metrics Changes - Upgrader utilization was 106% for Q4 and 99% for the full year, both records [7] - Product sales reached 640,000 barrels per day in Q4, marking the best fourth quarter ever, and full-year sales were 623,000 barrels per day, also a record [8][9] - The company reported a 12% increase in total material movement in mining operations, moving 1.4 billion tons of material at essentially the same cost base [30] Market Data and Key Metrics Changes - The company noted a year-on-year decrease in WTI prices by 15%, with adjusted funds from operations (AFFO) down 8% and free funds flow down 6% [15] - Despite lower oil prices, the company maintained a strong balance sheet with net debt at CAD 6.3 billion, the lowest in over a decade [18][19] Company Strategy and Development Direction - The company has successfully executed a three-year performance improvement plan in just two years, achieving significant production growth and cost reductions ahead of schedule [12][13] - Future plans include a new value improvement plan to be detailed on March 31, focusing on both short-term and long-term growth strategies [17] - The company aims to maintain a low-cost production model while returning capital to shareholders through buybacks and dividends [14][68] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of continuous improvement and operational excellence, which has led to record-breaking performance across various metrics [11][32] - The company expressed confidence in its ability to navigate market fluctuations and maintain profitability, highlighting its integrated business model as a key advantage [56][77] Other Important Information - The company has repurchased 163 million shares over the past three years, representing more than 12% of its float, and plans to continue buybacks at an increased rate in 2026 [16][20] - The management team has implemented a leadership development framework to ensure a continuous pipeline of leadership candidates [26][27] Q&A Session Summary Question: Changes in company culture and succession planning - Management discussed the importance of leadership development and succession planning, emphasizing a focus on functional excellence and expertise [25][26] Question: Performance of mining operations - Management highlighted improvements in mining operations, including technology implementations to enhance performance in varying weather conditions [28][30] Question: Field-driven optimization opportunities - Management noted a cultural shift towards immediate action on optimization opportunities, leading to increased refining utilization and throughput [36][37] Question: Refining market outlook - Management expressed confidence in the sustainability of refining margins in Canada, citing structural advantages and operational improvements [55][56] Question: Buyback guidance and conditions - Management confirmed that the ability to maintain buybacks is supported by reduced net debt and a low breakeven point, allowing for shareholder returns even in lower oil price environments [47][48]

Financial Data and Key Metrics Changes - In Q4 2025, Suncor achieved upstream production of 909,000 barrels per day, marking the best quarter in the company's history, which is 34,000 barrels per day higher than the previous best in Q4 2024 [4][5] - Full-year upstream production reached 860,000 barrels per day, exceeding the previous best by 32,000 barrels per day and 20,000 barrels per day above the high end of original guidance [5] - The company reported refining throughput of 504,000 barrels per day in Q4 2025, also the best quarter ever, and a full-year throughput of 480,000 barrels per day, which is 15,000 barrels per day higher than the previous best [6][7] - Capital expenditures for the full year were CAD 5.66 billion, down CAD 510 million from 2024 and CAD 540 million below original guidance, indicating improved cost management [9][12] - Net debt decreased to CAD 6.3 billion, the lowest level in over a decade, demonstrating strong financial resilience [16][12] Business Line Data and Key Metrics Changes - Upstream production growth over the last two years totaled 114,000 barrels per day, achieved without costly acquisitions or major capital projects, indicating effective internal growth strategies [5][12] - Refining utilization reached 108% for the quarter and 103% for the full year, both record levels, with all four refineries operating at 100% or higher for two consecutive quarters [6][7] - Product sales in Q4 were 640,000 barrels per day, the best fourth quarter ever, and full-year sales reached 623,000 barrels per day, exceeding previous highs by 23,000 barrels per day [7][8] Market Data and Key Metrics Changes - The company noted a year-on-year decrease in WTI prices by 15%, with adjusted funds from operations (AFFO) down 8% and free funds flow down 6% [13] - Despite lower oil prices, Suncor maintained a stable dividend and increased share buybacks, demonstrating resilience in a fluctuating market [14][18] Company Strategy and Development Direction - Suncor's strategy focuses on continuous improvement, operational excellence, and maintaining a low-cost production model, which has transformed it from a high-cost to a low-cost producer [13][12] - The company plans to detail a new value improvement plan on March 31, focusing on both short-term (next 3 years) and long-term (next 15 years) strategies, particularly in bitumen supply and development options [15][12] - Suncor aims to return 100% of excess funds to shareholders through buybacks after achieving net debt targets, emphasizing shareholder value [12][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted that 2025 was the safest year in the company's history, with a 70% reduction in injuries and incidents compared to 2022, reflecting a strong safety culture [4] - The management expressed confidence in achieving operational targets ahead of schedule, with significant improvements in production and financial metrics [12][13] - The company remains optimistic about its ability to navigate market fluctuations and maintain profitability, leveraging its integrated business model [11][79] Other Important Information - Suncor has repurchased 163 million shares over the past three years, representing more than 12% of its float, at an average price of CAD 50 per share [14] - The company has implemented a rigorous capital stewardship approach, including detailed readiness reviews before spending and comprehensive post-execution evaluations [9][12] Q&A Session Summary Question: Changes in company culture and succession planning - Management emphasized the importance of leadership development and succession planning, focusing on functional excellence and a continuous pipeline of leadership candidates [25][26] Question: Performance of mining operations - Management noted improvements in mining operations due to better maintenance of haul roads and the implementation of technology to enhance performance in varying weather conditions [28][29] Question: Backlog of field-driven optimization opportunities - Management indicated a proactive approach to optimization, continuously identifying and addressing opportunities rather than maintaining a backlog [36][38] Question: Refining market sustainability - Management discussed the advantages of the Canadian refining market, including product pricing based on import parity and locally advantaged crude prices, contributing to sustained profitability [56][58] Question: Buyback guidance and conditions for reconsideration - Management reiterated the commitment to share buybacks, emphasizing the importance of a strong balance sheet and reduced breakeven costs as enablers of this strategy [50][51] Question: Impact of weather on production - Management stated that despite adverse weather conditions, production levels were maintained, showcasing the company's operational resilience [53] Question: Refining macro outlook for 2026 - Management expressed confidence in the refining market, highlighting strong diesel margins and the company's ability to adapt to market conditions [85][87]

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